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Slinky Company purchased merchandise on June 10, 2021, at a price of $22,000, subject to credit terms of 2/10,n/30. Slinky uses the net method for
Slinky Company purchased merchandise on June 10, 2021, at a price of $22,000, subject to credit terms of 2/10,n/30. Slinky uses the net method for recording purchases and uses a perpetual Inventory system. Required: 1. Prepare the journal entry to record the purchase. 2. & 3. Prepare the journal entries to record the appropriate payment if the entire Invoice is paid on June 18, 2021 and July 8, 2021. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Prepare the journal entry to record the purchase. (If no entry is required for a transaction/event, select "No journal entry requires first account field.) View transaction list Journal entry worksheet 1 Record the purchase of merchandise subject to credit terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit June 10, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the payment on July 3, 2021. Note: Enter debits before credits. General Journal Debit Credit Date July 08, 2021 Record entry Clear entry View general journal
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